Stan, just have them sign a quit claim deed at closing with a 30 day grace period. Anytime there 30 days late, a neutral 3rd party files the quit claim deed then it's your place again and you go thru evictions as a landlord tenant problem.
All cut and dried at the time of closing.
Watch for a "due on sale clause" in your original mortgage too see if there's a problem using this method.
Huge advantage to sell this way but sucks to buy this way.
T_Bone
This post was edited by T_Bone at 23:54:20 08/29/11.
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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